Toys "R" Us files for bankruptcy

Posted - September 21 201700:43

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Toys "R" Us files for bankruptcy

"Toys Canada expects to work closely with the broader Toys "R" Us group over the coming months to consider a range of restructuring alternatives and operational initiatives to position Toys Canada and the wider Toys "R" Us group for financial and operations success upon emerging from creditor protection".

Suppliers are the ones who should be most concerned, and they know it: that's why the Toys R Us suppliers were reducing shipments and demanding immediate payment upon delivery. But its future is hardly certain. E-commerce giants, such as Amazon, have always been peeping at the retail market, and their aggressive pricing have been mounting pressure over brick-and-mortar retail industry.

The New Jersey-based chain has secured more than 3bn U.S. dollars (£2.2bn) in financing from a syndicate of lenders to help keep its stores open. "They're a major buyer and I would say that the majority of toy makers in China would have some contracts with them". Those of prime toy-buying age, parents with young children, are busy. Loyalty programs, gift cards, and the baby registry remain the same and the store plans to offer the "hottest toys" this season. Amazon makes that extraordinarily convenient.

Analysts say Toys "R" Us hasn't been aggressive about building its online business, and has let those sales migrate to rivals.

"When thinking about shopping online, many consumers just don't think of traditional big-box retailers as the first place to go in the digital space", Beahm said.

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Can I still use my Rewards "R" Us points? The first is a heavy burden of debt.

The company is saddled with debt from a $6.6 billion buyout in 2005 led by KKR & Co LP and Bain Capital LP, together with real estate investment trust Vornado Realty Trust. It also has $400m in secured and unsecured debt maturing next year.

This decision comes at the approach of the Holiday season, a crucial period for the financial health of retailers. Among them were Perfumania Inc, apparel chains rue21 Inc and Gymboree Corp, discount shoe chain Payless Holdings LLC and designer clothing chain BCBG Max Azria Global Holdings LLC. Like many department-store chains, its inventory has been painfully slow to adapt to changing trends. USA toy sales rose 6 percent last year on top of a 7 percent increase in the prior year, according to NPD Group Inc., a market research firm.

Brandon, in detailing Toys "R" Us' turnaround, dubbed "Project Sunrise" by the company, said the chain will integrate its online and in-store shopping experiences, adding faster shipping and better technology and customer service.

Toys "R" Us is the second-largest toy seller in the U.S. behind Amazon, according to consulting firm Kloster Trading Corp. It is being closed in November this year with purchases made later than November 2015 to be replaced with Amazon vouchers, due to its lack of scale in comparison to Netflix and Amazon in terms of content.

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